Toni Covey's guest appearances

Toni Covey

Anderson Business Advisors Podcast

Max Maxwell

Jamil Damji

Gary Beasley

Toby Mathis

Michael Bowman

William Rhind

Michelle Pinkowski

Daniel Kwak

Michelle Pinkowsk

Scott Abbey

OwlTail

As COVID-19 and tax-related relief questions continue, Toni Covey and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to taxtuesday@andersonadvisors. Highlights/Topics:  Due to the AB5 Law, my clients can no longer hire me as an independent contractor. Instead, they are hiring out-of-state contractors. Do I need to switch to an S Corp or move my company out of California? It depends and offers various options, such as a worker must be customarily engaged in an independently established trade occupation For a preschool that received Coronavirus relief, will the PPP loan forgiveness amount, the grants, and the EIDL advance be taxable as income? PPP loan and grants are not considered taxable income, however, an EIDL of $10,000 will not be forgiven or tax-deductible from PPP I have solely owned a second home long-term in New York. Do I need to file taxes separately from my wage-earning wife to minimize my capital gains tax considering my present income is limited to Social Security? No, but it primarily depends on how much the wife is earning My wife and I own several rental properties and manage/maintain them mostly ourselves with no other employees. Does setting up a corporation to manage the rental properties (each on their own LLC) make sense from a tax standpoint? Consider a corporation to manage the rental properties or manage the LLCs that hold the rental properties     For all questions/answers discussed, sign up to be a Platinum member to view the replay! Go to iTunes to leave a review of the Tax Tuesday podcast.  Resources: Uniform Transfers to Minors Act (UTMA) https://www.investopedia.com/terms/u/utma.asp Economic Injury Disaster Loan (EIDL) https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance Paycheck Protection Program (PPP) https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf Paycheck Protection Program (PPP) Flexibility Act https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944 Small Business Administration (SBA) https://www.sba.gov/ Internal Revenue Service (IRS) https://www.irs.gov/ Wills and Trusts https://andersonadvisors.com/living_trusts/ Individual Retirement Arrangements (IRAs)  https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras Traditional and Roth IRAs https://www.irs.gov/retirement-plans/traditional-and-roth-iras Self-Employment Tax https://www.irs.gov/taxtopics/tc554 Unrelated Business Income Tax (UBIT) https://www.irs.gov/charities-non-profits/unrelated-business-income-tax Unrelated Debt-Financed Income (UDFI)  https://www.irs.gov/pub/irs-tege/eotopicn86.pdf California Assembly Bill 5 (AB5) https://www.investopedia.com/california-assembly-bill-5-ab5-4773201 Franchise Tax Board (FTB) https://www.ftb.ca.gov/ Capital Gains Exclusion/Section 121 https://www.irs.gov/taxtopics/tc701 Charitable Organizations https://www.irs.gov/charities-non-profits/charitable-organizations Real Estate Professional Requirements https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf Form 1065: Schedule K-1 https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf Form 8805 https://www.irs.gov/forms-pubs/about-form-8805 1040NR https://www.irs.gov/forms-pubs/about-form-1040-nr Passive Activity Losses (PALs) https://www.investopedia.com/terms/p/passive-activity-loss-rules.asp Schedule A https://www.irs.gov/forms-pubs/about-schedule-a-form-1040 Schedule C https://www.irs.gov/forms-pubs/about-schedule-c-form-1040 Section 105 https://www.irs.gov/pub/irs-drop/rr-03-102.pdf Tax Cuts and Jobs Act (TCJA) https://www.irs.gov/tax-reform 26 U.S. Code Section 280A https://www.law.cornell.edu/uscode/text/26/280A Bonus Depreciation https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act Depreciation Recapture https://www.investopedia.com/terms/d/depreciationrecapture.asp Healthcare Reform (Affordable Care Act)  https://www.healthcare.gov/ Credits and Deductions https://www.irs.gov/credits-deductions-for-individuals Anderson Advisors https://andersonadvisors.com/ Anderson Advisors Events https://andersonadvisors.com/all-events/ Events@andersonadvisors.com Anderson Advisors Tax and Asset Protection Event https://andersonadvisors.com/asset-protection/ Tax-Wise Workshop https://andersonadvisors.com/tax-wise-workshop/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ Anderson Advisors on Facebook https://www.facebook.com/AndersonBusinessAdvisors/ Anderson Advisors Podcast https://andersonadvisors.com/podcast/

As COVID-19 and tax-related relief questions continue, Toni Covey and Jeff Webb of Anderson Advisors answer your tax questions. Do you have a tax question? Submit it to <a href="mailto:taxtuesday@andersonadvisors.com">taxtuesday@andersonadvisors</a>. Highlights/Topics:  <ul><li>Due to the AB5 Law, my clients can no longer hire me as an independent contractor. Instead, they are hiring out-of-state contractors. Do I need to switch to an S Corp or move my company out of California? It depends and offers various options, such as a worker must be customarily engaged in an independently established trade occupation</li> <li>For a preschool that received Coronavirus relief, will the PPP loan forgiveness amount, the grants, and the EIDL advance be taxable as income? PPP loan and grants are not considered taxable income, however, an EIDL of $10,000 will not be forgiven or tax-deductible from PPP</li> <li>I have solely owned a second home long-term in New York. Do I need to file taxes separately from my wage-earning wife to minimize my capital gains tax considering my present income is limited to Social Security? No, but it primarily depends on how much the wife is earning</li> <li>My wife and I own several rental properties and manage/maintain them mostly ourselves with no other employees. Does setting up a corporation to manage the rental properties (each on their own LLC) make sense from a tax standpoint? Consider a corporation to manage the rental properties or manage the LLCs that hold the rental properties   </li> </ul> For all questions/answers discussed, sign up to be a <a href="https://andersonadvisors.com/#andersonplatinum" rel="nofollow" target="_blank">Platinum member</a> to view the replay! Go to<a href="https://itunes.apple.com/us/podcast/anderson-business-advisors-podcast/id1446273914?mt=2" rel="nofollow" target="_blank"> iTunes</a> to leave a review of the Tax Tuesday podcast.  Resources: <a href="https://www.investopedia.com/terms/u/utma.asp" rel="nofollow" target="_blank">Uniform Transfers to Minors Act (UTMA)</a> <a href="https://www.investopedia.com/terms/u/utma.asp" rel="nofollow" target="_blank">https://www.investopedia.com/terms/u/utma.asp</a> <a href="https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance" rel="nofollow" target="_blank">Economic Injury Disaster Loan (EIDL)</a> <a href="https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance" rel="nofollow" target="_blank">https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance</a> <a href="https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf" rel="nofollow" target="_blank">Paycheck Protection Program (PPP)</a> <a href="https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf" rel="nofollow" target="_blank">https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf</a> <a href="https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944" rel="nofollow" target="_blank">Paycheck Protection Program (PPP) Flexibility Act</a> <a href="https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944" rel="nofollow" target="_blank">https://www.investopedia.com/paycheck-protection-program-flexibility-act-of-2020-an-overview-4846944</a> <a href="https://www.sba.gov/" rel="nofollow" target="_blank">Small Business Administration (SBA)</a> <a href="https://www.sba.gov/" rel="nofollow" target="_blank">https://www.sba.gov/</a> <a href="https://www.irs.gov/" rel="nofollow" target="_blank">Internal Revenue Service (IRS)</a> <a href="https://www.irs.gov/" rel="nofollow" target="_blank">https://www.irs.gov/</a> <a href="https://andersonadvisors.com/living_trusts/" rel="nofollow" target="_blank">Wills and Trusts</a> <a href="https://andersonadvisors.com/living_trusts/" rel="nofollow" target="_blank">https://andersonadvisors.com/living_trusts/</a> <a href="https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras" rel="nofollow" target="_blank">Individual Retirement Arrangements (IRAs) </a> <a href="https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras" rel="nofollow" target="_blank">https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras</a> <a href="https://www.irs.gov/retirement-plans/traditional-and-roth-iras" rel="nofollow" target="_blank">Traditional and Roth IRAs</a> <a href="https://www.irs.gov/retirement-plans/traditional-and-roth-iras" rel="nofollow" target="_blank">https://www.irs.gov/retirement-plans/traditional-and-roth-iras</a> <a href="https://www.irs.gov/taxtopics/tc554" rel="nofollow" target="_blank">Self-Employment Tax</a> <a href="https://www.irs.gov/taxtopics/tc554" rel="nofollow" target="_blank">https://www.irs.gov/taxtopics/tc554</a> <a href="https://www.irs.gov/charities-non-profits/unrelated-business-income-tax" rel="nofollow" target="_blank">Unrelated Business Income Tax (UBIT)</a> <a href="https://www.irs.gov/charities-non-profits/unrelated-business-income-tax" rel="nofollow" target="_blank">https://www.irs.gov/charities-non-profits/unrelated-business-income-tax</a> <a href="https://www.irs.gov/pub/irs-tege/eotopicn86.pdf" rel="nofollow" target="_blank">Unrelated Debt-Financed Income (UDFI)</a> <a href="https://www.irs.gov/pub/irs-tege/eotopicn86.pdf" rel="nofollow" target="_blank">https://www.irs.gov/pub/irs-tege/eotopicn86.pdf</a> <a href="https://www.investopedia.com/california-assembly-bill-5-ab5-4773201" rel="nofollow" target="_blank">California Assembly Bill 5 (AB5)</a> <a href="https://www.investopedia.com/california-assembly-bill-5-ab5-4773201" rel="nofollow" target="_blank">https://www.investopedia.com/california-assembly-bill-5-ab5-4773201</a> <a href="https://www.ftb.ca.gov/" rel="nofollow" target="_blank">Franchise Tax Board (FTB)</a> <a href="https://www.ftb.ca.gov/" rel="nofollow" target="_blank">https://www.ftb.ca.gov/</a> <a href="https://www.irs.gov/taxtopics/tc701" rel="nofollow" target="_blank">Capital Gains Exclusion/Section 121</a> <a href="https://www.irs.gov/taxtopics/tc701" rel="nofollow" target="_blank">https://www.irs.gov/taxtopics/tc701</a> <a href="https://www.irs.gov/charities-non-profits/charitable-organizations" rel="nofollow" target="_blank">Charitable Organizations</a> <a href="https://www.irs.gov/charities-non-profits/charitable-organizations" rel="nofollow" target="_blank">https://www.irs.gov/charities-non-profits/charitable-organizations</a> <a href="https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf" rel="nofollow" target="_blank">Real Estate Professional Requirements</a> <a href="https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf" rel="nofollow" target="_blank">https://www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf</a> <a href="https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf" rel="nofollow" target="_blank">Form 1065: Schedule K-1</a> <a href="https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf" rel="nofollow" target="_blank">https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf</a> <a href="https://www.irs.gov/forms-pubs/about-form-8805" rel="nofollow" target="_blank">Form 8805</a> <a href="https://www.irs.gov/forms-pubs/about-form-8805" rel="nofollow" target="_blank">https://www.irs.gov/forms-pubs/about-form-8805</a> <a href="https://www.irs.gov/forms-pubs/about-form-1040-nr" rel="nofollow" target="_blank">1040NR</a> <a href="https://www.irs.gov/forms-pubs/about-form-1040-nr" rel="nofollow" target="_blank">https://www.irs.gov/forms-pubs/about-form-1040-nr</a> <a href="https://www.investopedia.com/terms/p/passive-activity-loss-rules.asp" rel="nofollow" target="_blank">Passive Activity Losses (PALs)</a> <a href="https://www.investopedia.com/terms/p/passive-activity-loss-rules.asp" rel="nofollow" target="_blank">https://www.investopedia.com/terms/p/passive-activity-loss-rules.asp</a> <a href="https://www.irs.gov/forms-pubs/about-schedule-a-form-1040" rel="nofollow" target="_blank">Schedule A</a> <a href="https://www.irs.gov/forms-pubs/about-schedule-a-form-1040" rel="nofollow" target="_blank">https://www.irs.gov/forms-pubs/about-schedule-a-form-1040</a> <a href="https://www.irs.gov/forms-pubs/about-schedule-c-form-1040" rel="nofollow" target="_blank">Schedule C</a> <a href="https://www.irs.gov/forms-pubs/about-schedule-c-form-1040" rel="nofollow" target="_blank">https://www.irs.gov/forms-pubs/about-schedule-c-form-1040</a> <a href="https://www.irs.gov/pub/irs-drop/rr-03-102.pdf" rel="nofollow" target="_blank">Section 105</a> <a href="https://www.irs.gov/pub/irs-drop/rr-03-102.pdf" rel="nofollow" target="_blank">https://www.irs.gov/pub/irs-drop/rr-03-102.pdf</a> <a href="https://www.irs.gov/tax-reform" rel="nofollow" target="_blank">Tax Cuts and Jobs Act (TCJA)</a> <a href="https://www.irs.gov/tax-reform" rel="nofollow" target="_blank">https://www.irs.gov/tax-reform</a> <a href="https://www.law.cornell.edu/uscode/text/26/280A" rel="nofollow" target="_blank">26 U.S. Code Section 280A</a> <a href="https://www.law.cornell.edu/uscode/text/26/280A" rel="nofollow" target="_blank">https://www.law.cornell.edu/uscode/text/26/280A</a> <a href="https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act" rel="nofollow" target="_blank">Bonus Depreciation</a> <a href="https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act" rel="nofollow" target="_blank">https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act</a> <a href="https://www.investopedia.com/terms/d/depreciationrecapture.asp" rel="nofollow" target="_blank">Depreciation Recapture</a> <a href="https://www.investopedia.com/terms/d/depreciationrecapture.asp" rel="nofollow" target="_blank">https://www.investopedia.com/terms/d/depreciationrecapture.asp</a> <a href="https://www.healthcare.gov/" rel="nofollow" target="_blank">Healthcare Reform (Affordable Care Act) </a> <a href="https://www.healthcare.gov/" rel="nofollow" target="_blank">https://www.healthcare.gov/</a> <a href="https://www.irs.gov/credits-deductions-for-individuals" rel="nofollow" target="_blank">Credits and Deductions</a> <a href="https://www.irs.gov/credits-deductions-for-individuals" rel="nofollow" target="_blank">https://www.irs.gov/credits-deductions-for-individuals</a> <a href="https://andersonadvisors.com" rel="nofollow" target="_blank">Anderson Advisors</a> <a href="https://andersonadvisors.com/" rel="nofollow" target="_blank">https://andersonadvisors.com/</a> <a href="https://andersonadvisors.com/all-events/" rel="nofollow" target="_blank">Anderson Advisors Events</a> <a href="https://andersonadvisors.com/all-events/" rel="nofollow" target="_blank">https://andersonadvisors.com/all-events/</a> <a href="mailto:Events@andersonadvisors.com">Events@andersonadvisors.com</a> <a href="https://andersonadvisors.com/asset-protection/" rel="nofollow" target="_blank">Anderson Advisors Tax and Asset Protection Event</a> <a href="https://andersonadvisors.com/asset-protection/" rel="nofollow" target="_blank">https://andersonadvisors.com/asset-protection/</a> <a href="https://andersonadvisors.com/tax-wise-workshop/" rel="nofollow" target="_blank">Tax-Wise Workshop</a> <a href="https://andersonadvisors.com/tax-wise-workshop/" rel="nofollow" target="_blank">https://andersonadvisors.com/tax-wise-workshop/</a> <a href="https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ" rel="nofollow" target="_blank">Anderson Advisors on YouTube</a> <a href="https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ" rel="nofollow" target="_blank">https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ</a> <a href="https://www.facebook.com/AndersonBusinessAdvisors/" rel="nofollow" target="_blank">Anderson Advisors on Facebook</a> <a href="https://www.facebook.com/AndersonBusinessAdvisors/" rel="nofollow" target="_blank">https://www.facebook.com/AndersonBusinessAdvisors/</a> <a href="https://andersonadvisors.com/podcast/" rel="nofollow" target="_blank">Anderson Advisors Podcast</a> <a href="https://andersonadvisors.com/podcast/" rel="nofollow" target="_blank">https://andersonadvisors.com/podcast/</a>

Tax Tuesday with Toni Covey 08-18-2020